I definitely think steel is the right material for a folding bike. It is a denser material so the frame can be more compact and because aluminium has to be so over-built the weight advantage isn't as great as you would think. Brompton vs Dahon Curl shows the Brompton is superior in almost all areas and equal in others. The only obvious advantage is corrosion resistance. Also Accell group treat Raleigh like garbage using some very low end factories. I've looked at Raleigh bikes in various independent bike shops and haven't been impressed and think the one's I saw came from places like Bangladesh. The bikes looked like Halford's Apollo type bikes with low end components but prices were twice as much.
Dahon Boardwalk is a good s/h folding bike buy. Nice compact chromoly steel frame, fairly low weight and probably will last 3x as long as the equivilant aluminium Dahon models.